Final Exam — Instructions
Overview
This is the scored final exam for the course. It is cumulative: its questions reach all eight course objectives, from the macro toolkit in Week 1 to the schools of thought and policy debates in Week 15. It is given in Week 16, the finals week, which has no new material.
The exam has 40 questions, and every question counts the same. Most of them, 34 in all, are multiple choice with one best answer. Three ask you to select every choice that fits, and three are true-or-false statements to judge. Ten questions are on the easier side, 24 are of medium difficulty, and 6 are harder. Every question rehearses a skill you already practiced in the weekly quizzes, the lecture tutorials, the Model Workshops, and the paired practice final.
Coverage and scope
The questions were drawn from the course's question bank, and every one of the eight objectives appears at least once. The draw does not spread evenly across the weeks, though. Here is what this form actually contains, first by the week each question's material comes from and then by objective.
| Week | Topic | Questions | Objectives assessed |
|---|---|---|---|
| 1 | The macro perspective: scarcity, the frontier, and the circular flow | 1 | Objective 1 (1) |
| 2 | Measuring output: GDP | 1 | Objective 2 (1) |
| 4 | Economic growth and productivity | 1 | Objective 4 (1) |
| 9 | Money and the banking system | 6 | Objective 7 (5), Objective 6 (1) |
| 10 | The Federal Reserve and monetary policy | 7 | Objective 7 (5), Objective 3 (2) |
| 11 | Monetary policy, interest rates, and aggregate demand | 4 | Objective 7 (4) |
| 12 | Inflation, the Phillips curve, and expectations | 5 | Objective 8 (4), Objective 3 (1) |
| 13 | International trade and comparative advantage | 2 | Objective 8 (2) |
| 14 | Exchange rates and the balance of payments | 6 | Objective 8 (5), Objective 5 (1) |
| 15 | Schools of thought and policy debates | 7 | Objective 8 (5), Objective 6 (2) |
| Objective | What the questions ask you to do | Weeks that teach it | Questions on this exam |
|---|---|---|---|
| Objective 1 | Use scarcity, opportunity cost, the frontier, and the circular flow, and tell positive from normative statements | 1 | 1 |
| Objective 2 | Measure GDP by the expenditure approach, decide what counts, and separate real from nominal | 2 | 1 |
| Objective 3 | Compute and read the CPI, price inflation, and the labor-market rates, and classify unemployment | 3 | 3 |
| Objective 4 | Explain long-run growth and compute growth rates, doubling times, and per-capita growth | 4 | 1 |
| Objective 5 | Use the AD–AS model to name the curve that shifts, its direction, and the new price level and output | 5, 6 | 1 |
| Objective 6 | Analyze fiscal policy, the spending and tax multipliers, and the deficit against the debt | 7 | 3 |
| Objective 7 | Explain money, banking, the money multiplier, the central bank's tools, the money market, and transmission | 9, 10, 11 | 14 |
| Objective 8 | Use the Phillips curve, the quantity equation, trade, exchange rates, and the balance of payments, and weigh the schools evenhandedly | 12, 13, 14, 15 | 16 |
Read the two tables together. Thirty-seven of the 40 questions come from the material of Weeks 9–15, and the other three come from Weeks 1, 2, and 4. No question is drawn from the Week 3, 5, 6, 7, or 8 material directly. Money, banking, and monetary policy (Objective 7, 14 questions) and the Phillips curve, the open economy, and the debates (Objective 8, 16 questions) together carry 30 of the 40, so put most of your review there. Weeks 10 and 15 carry 7 questions each, the most of any week.
The early objectives still count. Ten questions assess Objective 1 through Objective 6, and seven of them sit inside a later week's material. Week 3's unemployment and inflation measures return in Weeks 10 and 12. Week 7's fiscal tools return in Weeks 9 and 15, and Week 5's AD–AS model returns in Week 14. The habits from the first half, real against nominal and a movement along a curve against a shift of it, run through almost every question on the exam.
These notes map the skills the exam assesses. The questions themselves are drawn from the bank and are not listed here.
Instructions
- Attempts: one. The final is a single scored attempt.
- Time limit: none. There is no time limit, so take the time you need while the exam is open.
- Window: the exam opens in Week 16. Your instructor sets the open and close times in Canvas, and the exam locks when it closes.
- Navigation: the questions appear one at a time, and you cannot go back to an earlier question once you move on. Settle each question before you continue.
- Order: the choices within each question are shuffled for each student.
- Materials: many questions ask for a short calculation, such as a growth rate, a money supply from the money multiplier, an interest rate from a money market, a price level from the quantity equation, or a ratio, so scratch paper or a basic calculator can help. Every graph a question refers to is described in words. Your instructor will tell you which other materials, if any, are allowed. AI tools are not permitted.
- After you submit: your result is recorded. The keyed choices are not shown, because the questions come from a bank shared with other course assessments.
Academic integrity
This is an individual, scored assessment, and the work must be your own. That means no help from another person, no shared or posted questions, and no AI tools of any kind. The final confirms that you personally can compute the measures, read the curves, and interpret the results.
The honest way to prepare is the rest of the final's bundle: the study guide, the exam-prep tutorial, and the practice final. They rehearse the same skills with fresh variants, and nothing in them appears on this exam.
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